Colchester Sovereign Engagement Framework

Responsible Investing is, and has been since the inception of Colchester, a fundamental part of our investment process. Environmental, Social and Governance (ESG) factors are incorporated along with macro-economic and financial analysis within our investment valuation framework. Please find attached for your interest our ‘Sovereign Engagement Framework’ which explains how we integrate engagement holistically into our investment process. We believe that enhanced and clear policies can improve a country’s business environment, which in turn reduces country investment risk, funding costs, supports economic growth and should ensure more sustainable debt paths.
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PRI
ESG Engagement For Sovereign Debt Investors

This report has been written with the contribution of the PRI’s Sovereign Debt Advisory Committee (SDAC) of which Claudia Gollmeier, Colchester’s Senior Investment Officer, is the Chair. It aims to provide insights on how sovereign engagement is conducted and where the industry can extend this custom to advance responsible investing.
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The Death of Government Bonds has Been Greatly Exaggerated

The global pandemic of 2020 has exacerbated many of the trends that have been evident over recent years, and historic lows in developed market government bond yields have caused concern that the asset class may offer little or no value. This paper discusses our belief in the continued defensive nature of the asset class and its capacity to cushion a downturn in equity markets.
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Covid-19
Has Covid-19 Thrown Up Value in the Local Currency Emerging Market Debt Universe?

Colchester have provided an analysis of the local currency emerging sovereign bond markets in light of recent events and beyond.
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Overnight Cash Rates in New Zealand

With speculation that the RBNZ might lower the Overnight Cash Rate into negative territory, Colchester offers some comment on why it could go negative and what it might mean.
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Scope Analysis
Green Bonds – Assets Under Management more than double in one year

“The rising popularity and issuance activity of green bonds is leading to significant growth in green bond funds – both in terms of the number of funds and the assets under management. A total of four new Green Bond funds have been launched this year. These are products of the asset managers Franklin Templeton, Colchester Global Investors, Degroof Petercam and Lyxor. Here, Scope Analysis discusses the current Green Bond Fund market and outlook.”
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esg
A practical guide to ESG Integration in Sovereign Debt

Claudia Gollmeier, Colchester Senior Investment Officer and as Chair of the PRI Sovereign Working Group, has contributed to this paper and it's case studies; specifically the foreword on page 7, plus pages 22, 29 and 49.
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Colchester – Global Bond Investing in an Era of Negative Interest Rates

Navigating the prevalent negative bond yielding environment is leaving investors perplexed. This article addresses the misconception that positive returns cannot be delivered from government bonds with negative nominal yields and looks at the opportunities available across global sovereign markets.
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Emerging Market Local Currency Sovereign Debt

Colchester provide an introduction to the emerging market local currency debt asset class, discuss the merits of this investment choice and how Colchester manage their client's portfolios in this space.

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Emerging Markets – Resilient External Balance Sheets Support Attractive Currency Valuations

This is an opportune moment to take a step back and reassess valuations and financial stability in the local currency emerging market debt universe.

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